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AUD/USD Potential Downward Movement

AUD/USD Long-Term Trend: Bearish

Key Resistance Levels: 0.6802, 0.6850, 0.6901

Key Support Levels: 0.6702, 0.6634, 0.6594

Daily Chart:

The price on the higher time frame has been in a downtrend for some time and recently it did a pullback. The pair faced rejection at the 0.7027 level and reversed from there. It has now broken a level of 0.6858 and sustained below that which indicates a bearish bias.

AUD/USD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. The price has recently been consolidating for some time between a range of 0.6850 and 0.6901 and now it has broken the lower range. It has also broken and retested a minor level of 0.6802 before continuing the momentum.

Signal Idea:

Sell Limit Order @ 0.6768

TP 1 @ 0.6715

TP 2 @ 0.6609

Stop Loss @ 0.6821

Trade Safely 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

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